Bristol-based specialist tour business Inside Travel Group is poised for more growth after undergoing a management buyout backed by a Japanese sovereign wealth fund and a UK private equity firm.
Described as the world’s leading Asia-focused ‘cultural adventure’ brand, the firm’s sales for 2024 are expected to exceed £65m – up 33% from the previous year. 
Now with backing from Cool Japan Fund, which is focused on investing in businesses that promote Japanese culture around the world, and consumer market private equity specialist Piper, it is targeting further expansion.
The market for travellers into Asia from the US, UK and Australia is forecast to grow rapidly, reaching £6.3bn by 2026, according to Piper.
The business was founded in 2000 as InsideJapan, a specialist inbound Japan travel brand, by university friends Alastair Donnelly and Simon King.
Having spent three years living in Japan and experiencing its food, iconic sights, traditions, and pop culture, they returned to the UK with a deep passion for the country.
They also realised that tour operator offerings at the time did not fully capture everyday Japanese culture, sparking a desire to share a more authentic experience with others. 
The firm quickly built a reputation as the leading independent Japan travel specialist, going on to add South East and East Asia specialist sister business InsideAsia Tours, which organises cultural adventures in South Korea, Vietnam, Laos, Cambodia, Thailand, Malaysia and Borneo among others.
Both brands differentiate themselves in the market with an ethos to ‘get beneath the surface’ in every country it operates in along with standout customer service.
With ‘cultural adventure’ travel a rapidly growing market, Inside Travel is already regarded as a thought leader, combining sights – both well-known and off-radar – with hands-on cultural experiences and a slice of everyday life. 
It connects travellers with people in each destination – guides, artisans, restauranteurs, retailers, locals and ex-pats – to bring the country to life. As well as group tours led by expert insiders, or a fully tailormade trip, it also encourages self-guided exploration and discovery with a ‘travel bible’ bespoke to every customer.
The funding from Piper and Cool Japan – details of which have not been disclosed – will back Simon and Alastair alongside their senior leadership team.
London-based private investment group Blandford Capital, which invested in Inside Travel two years ago, has exited from the business.
The firm will continue to be chaired by Ian Simkins, the former chief executive of Audley Travel and current chair of The Thinking Traveller, who was introduced by Blandford.
Inside Travel Group director Alastair Donnelly, pictured above left with co-founder Simon King, said: “We are delighted to be partnering with brand specialists Piper and Japanese sovereign wealth fund Cool Japan to aid the growth of Inside Travel Group’s unique style of cultural adventures and to better service increasing numbers of customers from across our markets.
“We wanted to bring onboard investors who share our B Corp values and a commitment to ‘travel as a force for good’.
“As with everything we do, we endeavour to bring an even better travel and service experience to our customers. We are very excited for what lies ahead.”
Cool Japan Fund executive officer & managing director Masaki Takayanagi added: “Japan has a lot to offer culturally, and we have been inspired by the passion and track record of Alastair and Simon to promote what is inside Japan.
“As Japan’s sovereign wealth VC/PE fund, utilising our extensive network and expertise around Japan and globally, we look forward to further unlocking the considerable value and impact of Inside Travel Group.”
Piper partner Dan Stern, who led the deal, said the business was excited to be backing the Inside Travel Group team for its next stage of growth.
“We have got to know the team over the years and have been incredibly impressed with how they have scaled the team across three continents and built a strong culture even with the backdrop of Covid,” he added.
“Our consumer insight work shows that the market size for Asia-focused travel is large and growing quickly.
“Travellers are more than ever seeking out trusted destination specialist travel brands. Inside Travel Group are experts in this area, thought leaders in cultural adventures, who deliver industry-leading satisfaction levels among clients and high levels of word-of-mouth recommendations.”
Bristol-headquartered national law firm TLT advised Inside Travel Group’s management team and Blandford Capital on the sale of their shares to Piper and Cool Japan Fund.
Its corporate team was led by partner Andrew Webber, with support from managing associates Luke Thorngate-Davies and Nicola Bilner and associates Joanna Grover and James Pike.
The deal also required cross-practice support from partner Mark Braude and associate Olivia Curtis in the tax team and senior associate Oliver Swain and associate Bethany Drew in the banking team.
